Exam (elaborations)
POST LICENSE 303--NC LAW, RULES AND LEGAL CONCEPTS
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POST LICENSE 303--NC LAW, RULES AND LEGAL CONCEPTS
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POST LICENSE 303--NC LAW, RULES AND LEGALCONCEPTS
Absorption Study - Answers- How much space is used for the number of sales in a
given period of time
Terms associated with commercial office space - Answers- Floor plate, core area,
usable area and rentable area
Residential Rental Agreement Act responsibilities - Answers- 1-Property must be
habitable at the time of possession
2-Habitability cannot be waived by the lease agreement
3-tenant cannot withhold rent even if the property is not habitable
4-At the beginning of the tenancy, landlord to replace the batteries in the smoke
detector and carbon monoxide detector
Broker-in-Charge duties - Answers- 1-Retain all ads used to market listings
2-Supervise PBs
3-Make sure all brokers get required CE and annually renew license
4-Keep trust account records
Permitted assistant duties - Answers- 1-Show rental units
2-Fill in blanks on rental agreement
3-Collect and deposit monies
4-Keep books and records
Forbidden assistant duties - Answers- 1-Show listings
2-Conduct open houses
3-Write ads for listings
4-Negotiate rent amounts or lease terms
What happens if a Provisional Broker does not fulfill their required 90 hours of post
licensing in 3 years - Answers- Status changes to inactive
Qualifying Broker title for a business license - Answers- Corporation--Officer
LLC--Manager
Partnership--General/Full Partner
Status of QB - Answers- - Does not have to be BIC. Business has to have both, but
does not have to be same person
- No qualifying experience
- QB not responsible for PBs
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